Investing.com -- The U.S. government sold $70 billion of five-year notes on Wednesday at a slightly higher-than-expected yield even as demand for the tenor inched higher.
The notes were awarded at 3.645%, below the pre-sale, or when-issue, rate of 3.642%, and well below the 4.434% high seen in the prior auction.
The bid to cover ratio, a measure of demand, for the auction rose to 2.41 from 2.40 seen in the prior auction.
Dealers made up 53.2% of the bids, with direct bidders at 12.55% and indirect bidders at 34.23%.
The yield on 5-Year rose 1 basis points to 3.67%.